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AN ACT

RELATING TO FINANCE; AUTHORIZING THE ISSUANCE OF BONDS SECURED

BY A STATE GROSS RECEIPTS TAX INCREMENT FOR THE MESA DEL SOL

TAX INCREMENT DEVELOPMENT PROJECT; PROHIBITING CERTAIN FUTURE

CAPITAL PROJECTS; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. AUTHORIZATION OF ISSUANCE OF BONDS.--

Pursuant to the provisions of Section 5-15-21 NMSA 1978, the

legislature authorizes the issuance of bonds not to exceed

five hundred million dollars ($500,000,000) in net proceeds as

adjusted for inflation, secured by a gross receipts tax

increment attributed to the imposition of the state gross

receipts tax for the Mesa del Sol tax increment development

project, subject to (1) the determination that has been made

by the New Mexico finance authority that the proceeds of the

bonds issued pursuant to this authorization will be used for

the Mesa del Sol tax increment development project in

accordance with the development plan, (2) the review by the

New Mexico finance authority of the master indenture prior to

issuance of any bonds and (3) the review by the New Mexico

finance authority of any proposed amendments to the master

indenture prior to the issuance of any bonds subsequent to

such amendments.

Section 2. DURATION OF AUTHORIZATION.--The duration of

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the authorization for issuance of bonds in this act is

unlimited, unless and until this act is repealed or modified

by the legislature.

Section 3. CERTAIN CAPITAL PROJECTS PROHIBITED.--

A. The legislature shall not approve or authorize

any capital outlay projects within a Mesa del Sol tax

increment development district during the period that any

bonds issued pursuant to Section 1 of this act are outstanding

for that specific district, except for those buildings or

facilities that are owned by the state or one of its agencies,

institutions or political subdivisions and that are:

(1) public school buildings or facilities;

(2) higher education buildings or

facilities;

(3) cultural buildings or facilities;

(4) buildings or facilities used for public

safety; or

(5) buildings used for other public

purposes.

B. Nothing in this section prohibits the

legislature from authorizing expenditures, pursuant to law,

for economic development projects within a specific Mesa del

Sol tax increment development district for which any tax

increment development bonds are outstanding.

Section 4. EMERGENCY.--It is necessary for the public

peace, health and safety that this act take effect

immediately.

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